What Is Dogecoin And Why Is It So Popular Right Now?

Dogecoin is a cryptocurrency that was created in 2013 as a fork of the Litecoin blockchain. The name is derived from a popular meme, the Shiba Inu Doge (pronounced doh-zhe). It was originally intended as a gentle parody used to tip content creators, but the DOGE token became one of the top 20 cryptocurrencies in 2018, valued at over $ 1 billion in 2018.

Introduction to Dogecoin

If there’s one thing the internet loves more than cryptocurrencies and blockchain messages, it’s memes. One of the most popular memes in internet history is the doge, which peaked in 2013 but still remains a staple (albeit in various forms) as the Shiba Inu dog breed continues to grow in popularity.

The meme also inspired Dogecoin, a coin originally thought of as a parody that is being taken more seriously as cryptocurrencies become more popular.

When Billy Markus and Jackson Palmer created Dogecoin in 2013, it was intended just like memes. , Dogecoin gained popularity on social platforms like Reddit and Twitter, with tipbots like Doger and Sodogetip allowing people to tip Dogecoin for providing fun or informative content.

Exceed the trading volume of Bitcoin (and all other cryptocurrencies combined) in early 2014, although DOGE cannot match Bitcoin’s price. kind of a mascot for what crypto should be, charity and so many good things. As the altcoin news says, the Dogecoin DOGE was a big deal.

Before I explained the memes and how the Dogecoin project became one of the most important cryptocurrencies on the market. and a rising star on the blockchain news, let’s take a look at his coin’s performance in terms of market cap.

Bitcoin vs. Dogecoin: What’s the Difference? 

Both Bitcoin and Dogecoin are distinct sorts of cryptocurrencies, however, one is the alpha and one is the underdog withinside the international of crypto. Bitcoin is greater of a family name—you’ve heard approximately it before, right? Dogecoin is like that runner on the Olympics who no person has ever heard of before, however, they simply swooped in and received the race. Now all and sundry desires to recognize who they are.

Why Is Dogecoin So Popular Now?

The surge in Dogecoin’s price is connected with the WallStreetBets phenomenon, which is sort of a sub-Reddit platform. WallStreetBets is taken into consideration to be the epic middle of numerous on line movements, consisting of the modern day one to pump the price of GameStop.

To note, GameStop’s price has fivefold for the reason that begin of the week. Coming returned to Dogecoin, a tweet from WSB Chairman asking if the Doge has ever been to a greenback caused the surge. In the cryptocurrency world, the WallStreetBets network appears to be the proper thought for Dogecoin.

How to Buy Dogecoin 

In case you’re wondering, we’re not suggesting you go out and invest in Dogecoin. We’re just not. But if you want to know how the heck someone even goes about buying this Dogecoin stuff to begin with, we’ll tell you.

Like with everything cryptocurrency, it’s pretty weird. So buckle up:

1. Set up an account on a cryptocurrency exchange.

There are plenty of crypto websites and apps out there that will let you buy Dogecoin. Once someone sets up an account and all their personal details are verified, they’re free to buy cryptocurrency (using real money).

2. Purchase cryptocurrency.

Okay, so before you can invest in crypto, you have to fund your account first. This means you have to use real money to buy fake money (crypto) on the internet. With us so far? 

3. Buy Dogecoin.

Once someone has bought crypto, they can use that to purchase shares or “coins” of cryptocurrency like Bitcoin, Ethereum or—you guessed it—Dogecoin.

4. Hold your breath.

This investing strategy? Woof. Dogecoin is all over the place. If someone does invest in it, they’d better be prepared for a wild ride, a lot of near misses and a big dose of anxiety. Spoiler alert: That’s another reason why we don’t recommend it. Who wants to live like that? Not us. That’s the opposite of financial peace right there.

You’re probably thinking, Wait—don’t people make insane amounts of money investing in risky things like Dogecoin? Yeah—they do. They make money gambling at the blackjack table, betting on racehorses, and picking which celebrity kicks the bucket next too. But those aren’t investment strategies. And neither is Dogecoin.

Should You Invest in Dogecoin?

So now that you know what Dogecoin is, should you invest your money in it?

Nope. Hard pass.

No matter what weird, trending investment fad pops up—our view doesn’t change. We aren’t swayed by all this “get rich quick” investing stuff, and you shouldn’t be either. The nature of investments like these are pretty simple—they’re hot-blooded, totally unpredictable and a huge risk. Aka—if you can’t afford to lose the money, don’t put it there.

See, investing is about the long haul. You want to put money in, let time do its thing, don’t touch it, and then reap the reward later on down the road (much later). With these high-risk investments like Dogecoin, there’s no room for that. It’s jump into the fire, jump out, and hope you didn’t get burned.

Yeah, thanks, but no thanks.

So, tell your college roommate to back off on trying to pressure you to invest in Dogecoin because it’s going “to the moon.” Instead, sit down with a trusted pro like one of our SmartVestors and let them walk you through this investing thing the right way.

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